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2018 (12) TMI 1079 - HC - Income TaxValuation of the property as sold by the assessee - whether the valuation of the property, which was sold by the assessee, as adopted by the CIT (Appeals)-V in his order dated 20.09.2007, was proper? - whether the Tribunal was right in not interfering with the said valuation and dismissing the appeal filed by the Revenue? - Held that:- The estimation was found to be just and proper. The Court can take judicial note of the fact that during the relevant time, that is, during 1980-81, the guideline value fixed by the Sub-Registrar was based upon the last sale transaction, which took place in the area . Thus, for several years, if the sale transactions were done at a particular limit, then the guideline value remained static. It is only thereafter, the Government took a decision to revise the guideline value on a yearly basis with effect from 1st April of every month. Thus, considering the factual position, we are of the view that no substantial question of law arises for consideration in the instant case, as it pertains to computation of the value of the property, which was done by the Commissioner in a particular manner, which was considered to be fair and reasonable.
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